Senator Thomas Kean, the Senate Republican Leader called on the Corzine Administration and the Legislative Leadership to hold an emergency summer session to stem the tide of job losses to Pennsylvania and other neighboring states. The motivation behind Senator Kean’s request are reports that the BlackRock Financial Management, the largest publically traded investment fund was leaving Plainsboro for Philadelphia with 1300 high paying jobs.
“The exodus of jobs and capital from New Jersey is reaching epidemic proportions. Today’s news that the investment firm BlackRock Financial Management may leave their headquarters in Plainsboro, Middlesex County, is especially troubling due to the fact that the Legislature passed a bill creating urban transit hubs specifically designed to persuade firms like BlackRock to expand and relocate to cities like New Brunswick and Trenton.
“Apparently this initiative was inadequate. While I remain hopeful that BlackRock will remain in New Jersey it is clear that there is a serious problem with our economic development policy. Today I am again calling on the Governor and the Legislative Leadership to convene a special session of the Legislature to confront the very real economic problems that are jeopardizing our future.
“The Republicans in the Legislature have proposed many initiatives, intended to give New Jersey a competitive edge over neighboring states in attracting highly skilled, high wage professions. In fact, the Republican Plan for an Affordable New Jersey outlines a number of economic development initiatives including moving to a single sales factor to promote New Jersey businesses and comprehensive regulatory reform.
“I introduced Senate Bill 281, which would create an economic development program incorporating the best ideas from around the nation. S-276, S-2114 and S-263, sponsored by Senator Joe Kyrillos, would strengthen the Business Retention sand Relocation Act and the Business Employment Incentive Program and allow businesses to deduct net operating losses from their tax obligation. S-1874 sponsored by Senator Steve Oroho would eliminate the ‘throw-out’ provision of the corporation business tax.
“We have highlighted strong common-sense solutions that would restore New Jersey’s competitive edge across the region. As the newly appointed chairman of the National Governors Association’s Economic Development and Commerce Committee Governor Corzine should embrace these ideas and join us in calling for a special summer session of the Legislature to address New Jersey’s economic challenges.”
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February 29, 2008
